Drug Giants Show Mixed Earnings (BMY, LLY)

Surging growth of its Cymbalta depression treatment helped Eli Lilly & Co. (NYSE: LLY) beat Wall St.’s earnings expectations. But generic rivals to Plavix, other drugs hurt Bristol-Myers Squibb Co. (NYSE: BMY) second-quarter results.

Eli Lilly said it earned $924 million, or $0.83 per share, in the second quarter. That was down from $1.2 billion, or $1.07 per share in the year-earlier period. Analysts polled by Thomson Reuters expected $0.77 per share. Global sales of $5.6 billion were in line with consensus estimates.

Eli Lilly said it now expects full-year 2012 earnings of $3.30 to $3.40 per share, excluding special items. The previous forecast called for EPS of $3.15 to $3.30. The drugmaker raised its outlook due to the favorable impact of a stronger dollar.

Bristol-Myers said its net income in the quarter plunged 28% to $645 million, or $0.38 cents per share. Adjusted EPS of $0.48 was in line with analysts’ expectations. Total revenue fell year-over-year by 18% to $4.44 billion, which also more-or-less matched consensus estimates.

Bristol-Myers said it now expects 2012 earnings per share of $1.78 to $1.88, although its forecast excluding one-time items remains at $1.90 to $2.00 per share.

Eli Lilly is up about 1.2% in premarket trading to $42.50, in a 52-week range of $33.75 to $44.67. Bristol-Myers closed Tuesday at $34.73, in a 52-week range of $25.69 to $36.34. The mean price target on Bristol-Myers is less than 2% higher than that closing price. Eli Lilly’s current price is higher than the mean price target on shares.